Federal Subsidized Direct Loan Program
Who is eligible? Matriculated undergraduate students who are at least half-time and demonstrate financial need. Recipients must be eligible for federal aid and cannot have exceeded federal loan limits. First-time borrowers must complete entrance counseling.
The FAFSA is required for application and a signed promissory note is required for disbursement of this Direct Federal Loan.
Federal Unsubsidized Direct Loan Program
Who is eligible? Matriculated undergraduate students who are at least half-time and do not demonstrate financial need or are independent students. Recipients must be eligible for federal aid and cannot have exceeded federal loan limits. Satisfactory academic progress required. First-time borrowers must complete entrance counseling.
The FAFSA is required for application and a signed promissory note is required for disbursement of this Direct Federal Loan.
Federal Perkins Loan
The Federal Perkins Loan is a 5% fixed rate loan for students with exceptional financial need. If you receive and accept the Perkins Loan, the Financial Aid Office will send you a Perkins Loan Promissory Note, a Truth-in-Lending Statement, and a Statement of Rights and Responsibilities. These forms will be mailed to you when it is time to complete the loan application. The Perkins Loan will be credited to your account after you submit the signed loan note and required forms to the Financial Aid Office. The Perkins Loan constitutes legal debt that must be repaid.
Federal Direct PLUS Loan
Federal Direct Parent PLUS Loans are credit-based loans available to parents of dependent undergraduate students who are enrolled in an eligible degree or certificate program on at least a half-time basis (six credit hours/term). Only U.S. citizens and permanent residents are eligible.
To apply for the Federal Direct PLUS Loan:
The U.S. Department of Education requires completion of the FAFSA for any parent applying for a Federal Direct PLUS Loan.
- Go to the student loan website operated by the U.S. Department of Education.
- Your parent will need a FSA ID to apply for the PLUS loan. This is the same FSA ID your parent used to complete and sign the FAFSA. If your parent doesn’t have a FSA ID, a link on the student loan website will help them to create one. They must keep this ID, for it will be used this year and in subsequent years as you continue to apply for financial aid.
- Click on “Parent Borrowers” then click the link to apply for a PLUS loan. Your parent completes the PLUS application including entering the dollar amount they wish to request. Submitting the on-line application will permit a check of the parent’s credit.
- New borrowers must sign a Master Promissory Note which can also be completed at studentaid.gov
- This application should be submitted at least six weeks prior to the start of the term for Direct Parent PLUS Loan funding to be available by the time classes begin.
Private or Alternative Loans
Rather than apply for a Federal PLUS Loan, some families and students choose to apply for private loans to finance their education. Before you make that decision, consider the differences between the federal loan programs and private student loan programs in the table that follows.
